The global RFID blood refrigerator and freezer market was valued at $12 billion in 2015 and is expected to surpass $15 billion by 2020, says Technavio.
Technavio’s lab equipment portfolio has announced its latest market research report on RFID blood refrigerator and freezer for the forecast period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global RFID blood refrigerator and freezer market during the forecast period. Some of the top vendors listed in this industry analysis include Biolog-id, Champion Healthcare Technologies, SATO, SpaceCode, and Terso Solutions.
Geographically, the Americas will be the fastest-growing region in the global market and is expected to reach revenues of around $97 million by 2020. Much of the region’s growth comes from the highly developed healthcare infrastructure such as high-quality hospitals that use advanced equipment to store blood.
“One of the major trends gaining popularity in this market is the rising medical tourism initiatives globally. Initiatives taken up by several governments across the globe for medical tourism, has propelled growth in the healthcare sector worldwide. The cost effective treatments for chronic diseases available in various countries, especially in the APAC region, have increased the number of people traveling to different countries. This increase in medical tourists will create huge need for blood units on standby, leading to the growth of the market during the forecast period,” says Amber Chourasia, a senior analyst at Technavio for research on lab equipment.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Surge in number of diagnostic centers
The increase in the demand of consumers has led diagnostic testing shift from hospitals and diagnostic centers to patient homes, which lessens the cost of testing. In many developing countries, a high rate of untreated blood-related diseases, such as deep venous thrombosis, myelodysplastic syndrome, multiple myeloma, leukemia, and lymphoma, prevails in the rural areas. This is mainly due to the lack of awareness of the disorder which leads to the ignorance of treatment and diagnosis. Various RFID blood storage solution providers with the percentage of rural population in major countries, are expected to enter these countries to exploit the untapped storage solutions market. The rise in the number of diagnostic centers and increase in patient population worldwide have driven the need to store blood and blood products to treat diseases. RFID blood refrigerators and freezers have aided diagnostic centers to reduce the physical inventory count by tracking it automatically at the point of use, resulting in a decrease of the overall operational cost and increase in the profitability of diagnostic centers.
Increase in awareness of blood donation
Individuals are getting aware about the benefits and delusions of donating blood and are donating blood without any hesitance. Several initiatives taken by the governments across the globe have further increased the number of blood donations. For example, in June 2015, NHS Blood and Transplant launched a campaign in the UK to increase blood donations, which was a part of National Blood Week. Besides the Red Cross, various organizations accompanied with recognized blood banks are also setting up donation camps to drive the number of blood donation volunteers. These initiatives will increase the number of blood donations and blood products, which will propel the demand for blood storage equipment like RFID blood refrigerators and freezers.
Growth in number of blood banks
Owing to the development of modern healthcare systems, factors such as increase in life expectancy, and higher incidence rates of certain diseases have accelerated the need for whole blood and derivatives of blood. There is a growing requirement for proper storage solutions such as RFID refrigerators and freezers due to the high inflow of blood donations in blood banks and outflow of blood units to hospitals and other bodies. Besides this, the introduction of new treatments and practices along with increased complexity of surgical and medical procedures have strengthened the need for the availability of blood and blood products. Several governments and organizations are taking initiatives to set up blood banks with an increased number of upgraded equipment in government-operated blood banking facilities worldwide. Such growth in the number of blood banks will positively drive the need for the RFID storage solution providers.
Some of the other prominent vendors identified in this report are Arctest, Binder, B Medical Systems, Helmer Scientific, Remi Group, and RFID Global Solution.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global RFID Blood Refrigerator and Freezer Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Blood Processing Devices and Consumables Market 2016-2020
- Global RFID Blood Monitoring Systems Market 2016-2020
- Global Tissue Banking Market 2016-2020
- Global Biomedical Refrigerator and Freezer Market 2016-2020
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